Romania: Lower profit for Nuclearelectrica in Q1 2020

18. May 2020. / SEE Energy News

Romanian electricity producer Nuclearelectrica, the operator of the country’s sole nuclear power plant Cernavoda produced 2.84 GWh of electricity in the January-March 2020 period, which is 3.9 % more than in the previous year. Electricity sales generated revenues of over 129 million euros, some 6 % less compared to Q1 2019. Nuclearelectrica has recorded a net profit in the amount of 45 million euros in the first quarter of 2020, which is by 1.9 % less compared to the same period last year, mainly due to lower electricity prices.

The company’s earnings before interest and taxes (EBIT) fell by 15.3 %, while its earnings before interest, taxes, depreciation and amortization (EBITDA) dropped by 10 % as a result of a 6.1 % drop in operational revenues as a result of lower electricity sales. The company’s total revenues decreased by 6 % year-on-year, reaching 130 million euros.

The company plans to invest 64 million euros this year, most of that in the upgrade and maintenance of NPP Cernavoda. So far, it has completed just 4.7 % of the planned investment for this year. Nuclearelectrica recorded a net profit in the amount of 112.5 million euros in 2019, which is 31.7 % higher compared to the previous year. The company’s revenues rose to 495 million euros in 2019, which is a 12 % increase compared to 2018, of which 492 million were revenues from electricity sales, while the rest came from the transport of electricity. The amount of energy sold on the regulated market was of 1,376 million MWh and 9,245 million MWh on the free market. However, the company produced 1 % less electricity than in the previous year. Operating expenses also increased by 12.5 % to 370 million euros.